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Upgrading Technology to Support Consumers and Industry
As technology evolves, organizations periodically update their systems to improve operational performance and strengthen information security. FSCO began developing a strategy in 2014 to implement common, integrated processes across the organization, supported by updated technology. The objective was to build a flexible approach that would meet the evolving needs of a modern financial services regulator while simplifying interactions with consumers and those we regulate.
FSCO developed a conceptual “blueprint” to help define what the structure, processes and operations of this future organization would look like. FSCO also developed a plan, known as the Enterprise Development Program (EDP), to update the organization’s technology to support this blueprint.
Today, FSCO relies on many different customized technology systems, making them expensive to maintain. The EDP would ultimately replace these older systems with a new, user-friendly common online platform for consumers, regulated entities and FSCO staff.
In 2016-17, FSCO began work to document its technology requirements in a new system. However, in December 2016, the government passed enabling legislation to create a new regulator, the Financial Services Regulatory Authority (FSRA). Accordingly, the Ministry of Finance decided to delay major information technology capital investment for FSCO systems until the FSRA Board is appointed. In the meantime, FSCO continues to maintain our current technology systems, ensuring we can continue protecting the interests of consumers and pension plan members.